The bank has the largest market capitalisation on the Australian stock market, valued at around $130bn.

The bank said it recorded moderate mortgage growth during the quarter as lower interest rates fuelled more activity but resulted in borrowers paying back more.

"Lower interest rates supported strong growth in new business activity compared to the prior year. However, this was balanced by higher levels of loan repayments," the bank said in a statement on Wednesday.

Despite this, commercial lending remained subdued while the bank's group net interest margin, a measure of its profitability, declined during the quarter.